BIR: Deadline to file ITR under TRAIN is still April 15 every year



The Bureau of Internal Revenue (BIR) and the Department of Finance (DOF) released an announcement clarifying the issue related to the deadline of filing the annual Income Tax Return (ITR).

Previously, it was reported that starting 2019, the new deadline to file ITRs is May 15. In an official announcement, however, the BIR and DOF clarified:

“Under the Tax Code, as amended by the TRAIN Law, the deadline for the filing of the Annual Income Tax Return (BIR forms 1700 and 1701) is still on APRIL 15, and the deadline for filing the First Quarterly Income Tax Return (BIR form 1701Q) has been moved to MAY 15.”

This announcement from the BIR and DOF reiterates that for the year 2018, and all succeeding years, the deadline to file the individual ITR specifically BIR forms 1700 and 1701, is still April 15.

BIR Form 1700 is the Income Tax Return form for individuals earning purely compensation income, including non-business/non-profession income.

BIR Form 1701, meanwhile, is the form used by self-employed individuals, estates and trusts, and taxpayers who are engaged in trade or business or the practice of profession, including those with mixed income. The quarterly ITR (BIR Form 1701Q) is filed by self-employed individuals, estates and trusts, including those with both business and compensation income.

Also from the BIR announcement:

“For taxable year 2017, the deadline to file BIR forms 1700 and 1701 and to pay the tax due thereon is on April 15, 2018. While the deadline to file BIR form 1701Q for the first quarter of taxable year 2018 and pay the tax due thereon is on May 15, 2018.”

This reiterates the clarification that the deadline to submit the ITR and the appropriate tax due for the taxable year 2017 is still April 15, 2018. After 2018, the ITR deadline remains at April 15 every year.

However, the submission of quarterly returns (BIR Form 1701Q) by self-employed and professionals for the taxable year 2017 — and in succeeding years — has been moved to May 15 every year.

* * * UPDATED! Links to the Approved TRAIN Tax Reform below * * *

About the Author

PSEi support seen at 6,200 and 6,000 amid weaker Peso

In a not-so-surprising move, the U.S. Federal Reserve (Fed) yesterday raised interest rates by 75 basis points (bps) or 0.75% in a bid to tame rising inflation in the United States. This was the third consecutive 0.75% rate hike by the Fed, which brings the federal funds rate, the central bank’s benchmark interest rate, to ... Read more
blank

Official SWIFT Code of BDO, BPI, Metrobank, Philippine banks

When sending cash remittances or wire transfer to a bank account in the Philippines (such as BDO, BPI, Metrobank, Landbank, DBP, etc.), you’ll surely need the SWIFT Code of the bank. Look no further because you can find all the SWIFT Codes you need in this list! Make sure you’re using the right bank code ... Read more
blank

How to Waive your Credit Card Annual Fee (BDO, BPI, Metrobank, RCBC, Citibank, UnionBank)

Without a doubt, one of the most annoying fees that credit cardholders have to pay is the annual fee. Majority of cardholders are familiar with this fee and majority of us likely pay this grudgingly year after year after year. In the case of my credit card with BPI (Bank of the Philippine Islands), I’m ... Read more
blank

Why Filipinos do not become business owners or entrepreneurs

For a majority of Filipinos, entrepreneurship does not seem to be a typical, expected path. This is not surprising, considering that in school, students are primarily taught to become employees after graduation. Students train for years to become staff workers, reporting to a supervisor, and just waiting to receive their wages or salaries every month. ... Read more
blank

My experience investing in Mutual Funds in the Philippines

I started investing in mutual funds when I was 22 years old. As an Overseas Filipino Worker (OFW) then, I was fortunate to be able to save some money at that young age because of my work abroad. One time while I was on vacation in the Philippines, I saw a large billboard in EDSA ... Read more
blank

Income Tax Tables in the Philippines (2022)

The Philippines’ new tax reform bill, known as TRAIN or Tax Reform for Acceleration and Inclusion, was signed into law on December 19, 2017 and its implementation began on January 1, 2018. What are the new income tax rates under the TRAIN law? How will TRAIN affect income taxes of individuals and corporations? How is the ... Read more
blank

PSE Stocks Performance under each Philippine President (1987-2021)

Did you know that Philippine stocks were able to achieve an astounding growth of 800% in a span of 30 years? From 1987 until 2018, the Philippine Stock Exchange index (PSEi) rose from 1,000 points to a peak of 9,000 points — generating a return of 800% over 30 years. (The PSEi is an index ... Read more
blank

SSL 2022: Salary Increases for Teachers, Nurses, Gov’t Employees

Good news to all government employees! There’s a new round of salary increases beginning January 1, 2022! Millions of employees of the Philippine government — including public school teachers, nurses and staff of government hospitals, and workers in local and national government agencies, etc. — will be getting an automatic salary adjustment this 2022 under ... Read more
blank

PSE Trading Hours in 2022: What time open, when closed?

Before you take the plunge into stock trading and investing, make sure you understand what stocks are and how the Philippine Stock Exchange (PSE) operates. Unlike other investments that are relatively safe, stock trading is risky and loss of money is a possibility. So before you deep dive into the exciting world of stock trading, ... Read more

Price Floor and Price Ceiling of PSE Stocks

Trading bands in the PSE come in two forms: Price Ceiling, or the upper price limit, and Price Floor, or the lower price limit.

4 thoughts on “BIR: Deadline to file ITR under TRAIN is still April 15 every year”

  1. Hello and good day,
    May I have some clarification on whether what form should we file for this new TRAIN act. We used to use
    2551M for our monthly income (rental business). and use 1701Q form for quarterly payment. As per new
    TRAIN law, its been said that 2551Q will be used instead of 2551M. Is this true? And if true what will
    happen to 1701Q, are we still require to use 1701Q?
    Thank you and hope to hear from you very soon.

    Best regards,
    Alex

    Reply
    • Hi Good Day! This is Cha A. Mendoza from Hezekiah Accounting Services. We would like to offer you our services such as DTI registration, BIR, SEC accreditation, book keeping and many services regarding business requirements of gov’t. Please feel free to contact me if you are interested! call or txt me to this # 09422788895 Thank you & Godbles

      Reply
    • Hi Good Day! This is Cha A. Mendoza from Hezekiah Accounting Services. We would like to offer you our services such as DTI registration, BIR, SEC accreditation, book keeping and many services regarding business requirements of gov’t. Please feel free to contact me if you are interested! call or txt me to this # 09422788895 Thank you & Godbles

      Reply

Leave a Comment